IMC Green bonds subscribed 5.91 times on final day

15 Feb 2023 , 08:56 AM

Indore Municipal Corporation green bonds closed for subscription on February 14 and the issue was subscribed 5.91 times on day 3 at 5.00 PM. The civic body has raised Rs 720 crore after being oversubscribed.

IMC had planned to raise approximately Rs 244 crore through the sale of these bonds for installation and operation of a solar power plant of 60 megawatts at Madhya Pradesh’s Samraj and Ashukhedi villages in Khargone district. It is expected to be the largest solar plant meant for pumping and supplying water from Narmada.

As per BSE data, the institution category was subscribed the most with 7.52 times, followed by 6.71 times in the corporate category, 3.62 times in the HNI category and 5.78 times in retail category. The issue opened on February 10 and closed on February 14.

These bonds have given a rating of ‘CARE AA: Stable’ by CARE Ratings and ‘IND AA+/Stable’ by India Ratings & Research.

The lead managers to the issue are AK Capital Services and SBI Capital Markets. Vistra ITCL (India) is the trustee of the issue. Registrar to the issue is KFin Technologies.

Indore Municipal Corporation is the chief municipal body of Indore city and currently Pushyamitra Bhargav is the Mayor and Pratibha Pal is the Commissioner of the issuer.